Foreign investors make strong comeback with over $440M investments

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Tue, 07 Jul 2020 - 09:54 GMT

BY

Tue, 07 Jul 2020 - 09:54 GMT

FILE - Dollars

FILE - Dollars

CAIRO - 6 July 2020: International investment funds and institutions pumped $440 million worth of investments into the Egyptian market on Monday, an official source told MENA.


Foreign investors made a strong comeback in light of the growing confidence in the Egyptian economy and the fiscal polices adopted by the Central Bank of Egypt (CBE), especially after striking a new deal with the International Monetary Fund (IMF), the source added.

This confidence was further buoyed by the positive outlooks issued by global credit rating agencies and international financial institutions, topped by the IMF, the official source pointed out.

The Egyptian pound is predicted to continue its steady rise against the US dollar in tandem with a projected increase in foreign cash flows following the Egyptian government's decision to reopen the economy and resume international flights, the official source said.

Fitch's credit rating for Egypt was last reported at B+ with stable outlook.

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